"Based on the recommendations of FIPB in its meeting held on February 13, Government has approved 12 proposals of foreign direct investment amounting to Rs 2,609.27 crore approximately," the Finance Ministry said in a statement.

The biggest proposal that was cleared was Ahmedabad-based Claris Otsuka Ltd's plan to hive off its Infusions business into a new JV with FDI worth Rs 1,050 crore.

The proposal of Pramod S.A.S, France, to induct foreign equity worth Rs 29.69 crore into an Indian JV company to be engaged in single brand retail trading was also approved.

FIPB clearance was also accorded to Fossil India and Le Creuset Trading's for setting up of single brand retail stores as a wholly-owned subsidiary of a foreign company.

The other proposals cleared by the board include those of Menarini Raunaq Pharma, Al Shukur Company for Engineering & Construction and Netherlands-based Aon Holdings.

The board, however, deferred nine proposals and rejected one. The proposals which were deferred include that of Alliance Insurance Brokers to induct foreign equity to carry out the business of insurance broking.